Since Bitcoin became a known digital currency way back in 2009, the cryptocurrency market has grown exponentially. Bitcoin is built on what’s called blockchain technology, which records every single Bitcoin transaction that takes place. Bitcoin Era is considered as one of the most authentic bitcoin trading platforms that are helping many new investors to get their things started.
Since Bitcoin has become a more popular form of payment between people and companies alike, it can be quite difficult to track all of these transactions. This is because while Bitcoin may have an actual monetary value attached to it, there are fractions of Bitcoin that can also be used as well, so if someone were to buy one-hundredth of a Bitcoin or even less than that – this process might not register unless you add up all the fractions being bought together.
This means for anyone who owns Bitcoin at any stage in its life cycle – from when Bitcoin first came out to when Bitcoin becomes obsolete – all Bitcoin has monetary value and must be tracked for accounting purposes.
Cons:
Bitcoin is a difficult digital currency to track so you must be sure and keep careful records of every Bitcoin purchase and trade made in order to accurately keep account of Bitcoin quantities. There are also fees involved with trading Bitcoin, so the larger the quantity you own, the higher your fees might be.
Pros:
Bitcoin can move quickly between accounts and there’s no third-party regulating Bitcoins transactions or looking over your shoulder. You can buy Bitcoin anonymously without having to give any personal information which is another plus of owning Bitcoin at some point during its life cycle. Since Bitcoin was created in 2009, the value of Bitcoin has been steadily climbing. Bitcoin is a global currency and Bitcoin can be used as an investment as Bitcoin value has been increasing exponentially. Bitcoin is extremely secure, Bitcoin makes it nearly impossible for anyone to steal your Bitcoin or hack your Bitcoin wallet.
As Bitcoin becomes more popular between countries and cities alike – the price of Bitcoin will only continue to climb, so now might be a good time to start investing in Bitcoin while it’s still fresh on everyone’s mind.
Everyone knows Bitcoin, right? Bitcoin is the cryptocurrency so popular it exploded in value and was everywhere on the internet. Bitcoin allows you to send money anywhere at any time without having to rely on any third-party financial institution. Bitcoin had many great features that seemed like they could change the world for economic transactions, then Bitcoin lost its value. Bitcoin became more of a commodity than an actual usable currency because no one wanted Bitcoin anymore!
What does this mean for all those people who invested their life savings into Bitcoin? Well if Bitcoin no longer has any real-world (or online) use then there isn’t much point in holding onto it, but what happens when you try selling Bitcoin? You never get quite as much as you put in! Why is that? Because Bitcoin is not what Bitcoin advertises itself as; Bitcoin isn’t some anonymous currency that can be sent anywhere without a trace. Bitcoin’s transactions are stored on a public decentralised ledger called the blockchain, which allows anyone to view all Bitcoin transactions. This transparency means Bitcoin is not really anonymous, and the number of Bitcoins being transacted makes it impossible to spend them quickly, making Bitcoin useless as a currency.
Luckily for you, Bitcoin has another use, Bitcoin mining! If you have any old computer laying around with its fans going at full speed all day long why not put it to good work? Better yet if you have even better hardware or dozens of GPUs at your disposal then there is no reason to stop reading this document and go right away and begin mining Bitcoin yourself! Bitcoin mining uses a lot of electricity and produces a lot of heat, but Bitcoin mining isn’t free. You have to pay for your hardware, or you need to win some using gambling sites that use Bitcoin as the currency for betting.
Now Bitcoin isn’t something you can access directly, it is encrypted using an algorithm called SHA-256 (that’s a mouthful). Bitcoin is then decrypted by sending your computer millions upon millions of random numbers until one works and decrypts Bitcoins into existence. This means Bitcoin has no real value except the cost of energy used to mine it which keeps going up as more Bitcoins are mined making Bitcoin less and less useful as a currency. In fact, Bitcoin’s price is so low now compared to its all-time high every Bitcoin mined now is essentially worthless.
